Torq raises $42 million

Cybersecurity firm Torq has raised an additional $42 million in an extended Series B funding round, originally initiated in 2021. This latest investment involved contributors like Insight Partners, GGV Capital, Bessemer Venture Partners, Greenfield Partners, and Evolution Equity Partners. Following this new influx of capital, the total funding amassed by the company now stands at $120 million.

Founded in 2020, Torq’s AI-based hyperautomation platform integrates with the full range of an organization’s security infrastructure. This allows companies to quickly and accurately address security incidents and manage intricate security operations on a large scale. In 2023, it launched two products. First, it introduced “Torq Hyperautomation,” which is a tool designed to automate complex security systems. Second, it revealed “Torq Socrates,” an advanced AI agent specifically created for cybersecurity. It can independently resolve 90% of basic, initial-level security issues, making it a significant time-saver.

Lemonade, Carvana and Rivian are clients.

“2023 was a year of dramatic customer and revenue focus, product innovation and expansion, and channel and partner momentum, yielding the strongest year for Torq since it was founded. Customers, partners, and industry analysts experienced the incredible value Torq Hyperautomation delivered across 2023, creating an ongoing tidal wave of interest in our technology and services–and notably, a permanent shift away from legacy SOAR (Security Orchestration, Automation, and Response) platforms and vendors. We doubled our Sales and Go-to-Market teams to accommodate this fantastic growth. And we’re just getting started. We can’t wait to unveil 2024’s slate of product enhancements and programs that will take Torq to the next level.” – Ofer Smadari, CEO and co-founder, Torq.